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BitConnect Closes Exchange as States Warn of Unregulated Sales

(www.bloomberg.com)
389 points JumpCrisscross | 1 comments | 17 Jan 18 01:04 UTC | HN request time: 0.207s | source
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sitepodmatt ◴[17 Jan 18 01:53 UTC] No.16164805[source]▶
One scam down at least, next the Tether printer and BitFinex boys. Clean up in aisle HKG please.
replies(5): >>16164892 #>>16164948 #>>16165555 #>>16165611 #>>16172919 #
Alex3917 ◴[17 Jan 18 04:51 UTC] No.16165555[source]▶
Tether just hit a new all time high of $1.07, making the return on investment significantly better than most VC funds.
replies(3): >>16165727 #>>16167127 #>>16168957 #
mcintyre1994 ◴[17 Jan 18 11:42 UTC] No.16167127[source]▶
Isn't the entire point of it to be pegged 1USDT === 1USD? Obviously it fails at that by being backed by nothing like enough USD, but what does it being worth $1.07 even mean? Also, where do you sell Tethers given Bitfinex won't exchange them for USD?
replies(3): >>16167473 #>>16167488 #>>16168784 #
trophycase ◴[17 Jan 18 12:54 UTC] No.16167488[source]▶
Buy BTC with tether, send to GDAX. Sell BTC for real USD
replies(1): >>16167494 #
1. sitepodmatt ◴[17 Jan 18 12:56 UTC] No.16167494[source]▶
ETH is cheaper, due to transaction fees, although spread might be a little larger.